Nymex Crude Oil (CL)

Crude oil's consolidation from 82.97 is still in progress and intraday bias remains neutral. Note that another rise remains in favor as long as 75.90 support holds. Above 82.97 will target 100% projection of 64.23 to 79.38 from 71.09 at 86.24 next. However, break of 75.9 will be the first signal that whole rebound from 64.23 is finished and will turn focus to 71.09 support for confirmation.

In the bigger picture, there is no change in the view that rise from 64.23 is a correction to fall from 87.15 only. Hence, even in case of further rally, we'd expect strong resistance below 87.15 high and bring reversal. On the downside, break of 71.09 will be the first signal that whole fall from 87.15 is resuming for another low below 64.23 towards 50% retracement of 33.2 to 87.15 at 60.18

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